Corp. Code, § 25230 · Chapter 3. Licensing and Notice Filing Requirements of Investment Adviser Representatives and Investment Advisers
Corp. Code, § 25230
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) It is unlawful for any investment adviser to conduct business as an investment adviser in this state unless the investment adviser has first applied for and secured from the commissioner a certificate, then in effect, authorizing the investment adviser to do so or unless the investment adviser is exempted by the provisions of Chapter 1 (commencing with Section 25200) of this part or unless the investment adviser is subject to Section 25230.1.
(b) No person, on behalf of an investment adviser that has obtained a certificate pursuant to Section 25231, may, in this state: offer or negotiate for the sale of investment advisory services of the investment adviser; determine which recommendations shall be made to, make recommendations to, or manage the accounts of, clients of the investment adviser; or determine the reports or analyses concerning securities to be published by the investment adviser, unless the investment adviser and that person have complied with rules that the commissioner may adopt for the qualification and employment of those persons.
(c) The commissioner may, consistent with Section 25232.1, review the disciplinary history of an investment adviser representative upon the filing of notice of any of the following:
(1) The employment, association, or transfer of the investment adviser representative.
(2) An amendment to the information filed by the investment adviser representative at the time of employment, association, or transfer.
(3) The termination of employment or association of the investment adviser representative.
Notes and commentary — not statutory text
History
Amended by Stats. 2003, Ch. 473, Sec. 3. Effective January 1, 2004.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=CORP§ionNum=25230.
- Text hash
- sha256 785d0659ad3d355bb31e97a1eb301a79b08c18880401f8bec92c0f3f00bdab44
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- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Cited by 9 provisions
Provisions in this library whose text cites Corp. Code, § 25230. Each shows the citation as that text prints it.
Corporations Code
- Corp. Code, § 25202Printed as Section 25230
- Corp. Code, § 25203Printed as Section 25230
- Corp. Code, § 25204Printed as Section 25230
- Corp. Code, § 25207Printed as Section 25210 or 25230
- Corp. Code, § 25230.1Printed as Section 25230
- Corp. Code, § 25241Printed as Section 25210 or 25230 | Section 25230
- Corp. Code, § 25532Printed as Section 25210, 25230, or 25230.1
- Corp. Code, § 25608Printed as Section 25230
- Corp. Code, § 25608.1Printed as Section 25230
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